On Monday, the Business Roundtable, America’s premier club of large-company executives, announced it was changing its mission statement. In a rejection of “shareholder primacy”—the idea that companies should be run by managers for the benefit of their owners—the group “redefines the purpose of a corporation to promote ‘an economy that serves all Americans.’” Under the new statement, customers, employees, suppliers, and the broader community all come above shareholders.

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